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US Bank in Silicon Valley Shut Down by US Authorities

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The U.S. authorities announced today, Friday, the closure of the tech-friendly Silicon Valley Bank after it became insolvent, and entrusted the management of deposits to the Federal Deposit Insurance Corporation (FDIC).

The Federal Deposit Insurance Corporation in the US plans to reopen bank branches on Monday and allow customers to withdraw up to $250,000 in the short term, which is the amount normally guaranteed by the institution.

Source: AFP.

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